The survey was conducted from March 5 to 17 and
had 1,068 respondents.

Ninety percent of Americans didn't know that
individuals under the age of 50 can make contributions up to $18,000 a year to
a 401(k) plan.

57.9% of those surveyed said they were
financially knowledgeable and 38.5% understood the annual percentage rate (APR)
on their primary credit card.

In addition, 60% did not have sufficient savings
to survive for at least 6 months.

A certified financial planner Eric Meermann, who
is based in Scarsdale, N.Y., said that financial literacy is truly a big
concern and based on the survey, it is not focused on nearly enough.

55.8% of those surveyed knew what a credit score
measures. Meermann says that you should have a focus on getting a good credit
score if you wish to be able to accomplish many things that a lot of Americans
consider important. Simply because the better credit you have, the better terms
and fees you can get on your debt.

Strikingly, only 13.3% of the younger generation
knew the maximum amount they could put into a 401(k) plan for the year. This
indicates that the gaps in finances and knowledge among Millennials were also
surprising.

Stacie Haas, a spokeswoman for Fifth Third Bank
says that when she was younger, she would see her parents balancing their
checkbook and actually going to the bank to make a payment.

She thinks that you don't see that anymore, and
she also thinks that kids these days don't grow up witnessing the daily
management of money. It just happens around them or inside the cellphone or
laptop.

"They do not understand there's a real
management level to this. You don't just make it and spend it."

The Fifth Third Bank's senior vice president of
community and economic development, Camino Smith says that younger people are
not going to understand financial issues in school if they don't achieve it in
home, because schools usually doesn't have a lot of financial literacy courses
or themes provided within the curriculum.

Fifth Third Bank provides different type of
financial literacy program such as the "young bankers club" that has
educated thousands of fifth-graders about the benefits of maintaining a budget
and other guidelines regarding money.

Another program instructs adults how to pay for
a home, as well as retirement and higher education.

Smith added that there many Baby Boomers
retiring who are not prepared for retirement, and somehow they're going to have
to be supported or reduce their standard of living. And that's not good for the
economy or the country as a whole.

He also thinks that if individuals make financial
literacy more of a priority in the education system, it could truly help the
next generation, and generations to come.

Sunday, 3 May 2015

Identity
theft continues to be one of the major growing crimes in United States
nowadays, and places a large burden on victims, businesses, non-profit
organizations and government institutions, especially when filing tax returns
to the Internal Revenue Service (IRS).

Usually, an
identity thief will use your SSN to file a false return early in the year. You
may be unaware you are a victim until you try to file your taxes and learn one
already has been filed using your SSN.

Identity
theft is a top priority for the IRS. They have already taken aggressive action
to protect taxpayers and aid victims, with more than thousands of employees
assigned to work on identity theft related situations. They also train
employees to recognize return fraud and to help victims when it happened.

Because of
this, the IRS prevented $14.6 million suspicious returns, and protected more
than $50 billion in fraudulent refunds from 2011 to November 2013.

You can't
prevent tax-related identity theft because we are all vulnerable, but here are
ways on how to reduce your chances of being a victim.

1. Safeguard
all your personal information in a secured place at home and at work such as a
safe with a locked combination. Don't leave it lying around.

2. If you
wish to file by mail, do it at a post office, not from an unsecured mailbox in
front of your house.

3. Use a
secured computer on a protected network if you wish to file electronically.
Remember not to do anything financial or tax-related on public Wi-Fi networks.

4. Beware of
phishing scams. Phishing includes seemingly harmless emails being sent to you,
asking you to verify certain things such as passwords, account numbers or
credit/social security details. Any email looking for this kind of information
must be an immediate red flag for you. Avoid opening emails that doesn't make
sense to you or that comes from people or organizations that you don't know. It
might be possible that they include viruses or worms. Remember that the IRS
doesn't begin contact by email to specifically ask for your personal or financial information.

5. Protect
your social security number. Don't carry your Social Security card in your
wallet or purse. Only carry them with you unless you are going somewhere where
it will be absolutely necessary. Don't forget that identity thieves only need a
social security number and some fake documents. It is much easier than selling
drugs or stealing cars.

6. Tear up
or shred any documents with identifying information on them. Don't just throw
your old billing statements and other documents containing important
information into your garbage. There are "dumpster divers" who are
willing to go through old coffee grounds and rotten orange peels to get your
data into their hands. Purchase crosscut paper shredder and completely destroy
any piece of paper that has your credit card number, your social security
number, or your bank account number on it.

9. Get your
return done as early as possible. It really is in your best interest to file as
early as possible.

10. Protect
your computer. Some identity thieves now use advanced software to get your
personal information such as login details and passwords. A strong and
regularly updated firewall, anti-virus program and anti-spyware program will
give most of the protection you need.

Saturday, 2 May 2015

Following
are few easy tips made by Corliss
Online Financial Mag that will help you move forward toward financial
security and make your dreams become reality.

Put aside time and
energy to talk

The
first step to finding common ground with your finances is to take time to talk
about money. Define your values and goals together with your family and clarify
the difference between needs and wants. Don’t wait for a financial crisis to
happen.

It
is vital to instruct the children about the value of money and how to use it
responsibly.

Make a budget

With
your established values, you are now ready to create a budget. There are some
tools out there to get you started such as Mint or You Need A Budget (YNAB),
but a Microsoft Excel document will probably do the job. Choose something that
you are comfortable with and actually work for you. Set a time every month to
check in and evaluate your goals as well as your progress. Make adjustments or
improvements based on your situation.

Pay your debts

Lots
of individuals in debt feel trapped and bogged down, but always remember that
even small steps can have a dramatic effect on financial stability. Just pay
small amount above the minimum payment each month. As little as $15-$25 more
could help you pay off a credit debt five to ten years sooner.

Use a flexible spending
account

Assess
with your employer. Several companies allow you to take money out of your
paycheck pre-tax to pay for expenses such as health care. However, make sure
that you only take out what you need.

Save for retirement

Due
to compound interest, your money increases dramatically over time. A small
contribution now can mean larger returns later.

Prepare for abrupt
problems

Consider
the things that can have a huge effect on your life later on. Build an
emergency fund, set up a life insurance policy, and open a 529 plan — defined
by Corliss Online Financial Mag
as a tax-advantaged method of saving for future college expenses that is
authorized by Section 529 of the Internal Revenue Code — to begin saving for
your children’s education.

This
is despite the United States already expressing concerns regarding AIIB and its
capability to pass social and environmental standards and China's already
growing diplomatic influence in the region. Still, about 30 nations, including
major EU members, participated in this economic project.

Now,
even the notable allies of the US -- South Korea, Australia and Japan -- are
reportedly reconsidering.

Japan's Finance Minister Taro Aso announced
that they are considering joining the AIIB if they can confirm that it has a
"credible mechanism for providing loans". However, other Japanese
senior officials remain doubtful if participating in a China-led bank could be
truly advantageous.

"We
have been asking to ensure debt sustainability taking into account its impact
on environment and society. We could (consider) if these issues are guaranteed.
We'll give it careful consideration from diplomatic and economics viewpoints.
There could be a chance that we would go inside and discuss. But so far we have
not heard any responses," commented Aso.

AIIB
is also seen as a competitor of ADB (Asian Development Bank) which is a regional
financial institution based in the Philippines. It is basically dominated by
the US and Japan, with its leader customarily coming from the latter's finance
ministry or the Bank of Japan.

The
former president of ADB and current BOJ Governor Haruhiko Kuroda cautiously
said, "There are huge needs, demands for infrastructure investment in
Asia. On the other hand, the World Bank and ADB have been helping countries in
Asia to improve infrastructure for the last 50 years."

Despite
being a China-led financial institution that the US is warning against, AIIB
got Tokyo concerned of missing out on opportunity for more regional
participation, reports Corliss Online Financial Mag.

Meanwhile,
Australia's Treasurer Joe Hockey said participating in AIIB has the potential
to benefit local companies and should not adversely affect their relationship
with the US. At any rate, he added that a final decision has yet to be made,
although Corliss Online Financial Mag got reports that Australia could decide
to formally join this week with as much as USD 2.3 billion in investment.

"There
is a lot of merit in it, but we want to make sure there are proper governance
procedures. That there's transparency, that no one country is able to control
the entity. And because it's operating in our region, in our neighbourhood, it
is important that Australia fully understand and look at participating in this
Bank," said Hockey.

Monday, 23 February 2015

Consumer goods manufacturer Procter & Gamble confirmed last week that they plan to sell off a total of 100 brands, suggesting deeper cuts than originally reported.

P&G confirmed they have finalized deals for 35 brands out of 100 that they are expecting to sell by 2016. The troubled company is also expecting to sell those brands that have collected a total sales in the USD 10 billion mark, contrary to the USD 8 billion it has previously announced.

According to Jon Moeller, P&G's Chief Financial Officer, the brand divestitures could reduce their annual sales by as much as 14% -- a pretty big difference from the original 10% estimate loss in total revenue.

Meanwhile, other officials of the company confirmed that those decisions are already the 'refined' version of their original plans and that they are only trying to consolidate their brand portfolio.

Most of the brands shortlisted in its divestiture plans have already been sold on account of their low performance. But Moeller is quick to point out though that the brands they are selling are not necessarily weak ones -- they are just underperforming in the eyes of the management.

P&G has previously sold its pet food brands along with a handful of laundry and beauty brands. According to experts, Wella salon and Braun appliances are next on the list. According to Corliss Online Financial Mag, the largest potential divestiture yet is the Duracell batteries to Berkshire Hathaway, owned by billionaire Warren Buffett. The battery maker reportedly generates USD 2.6 billion in revenue per year.

Procter & Gamble's CEO Alan Lafley said in a conference that they expect selloff to be completed in 5 months. He added, "We have had a lot of interest in the assets we want to dispose."

Corliss Online Financial Mag has previously reported Lafley announcing last year that P&G plans to concentrate on around 70 brands as a core group of the company.

Sunday, 21 December 2014

Every two seconds someone has their identity stolen. The holiday shopping season is in full swing and the scammers, crooks and identity thieves are on the prowl.

Financial guru Deborah Owens joined Roland Martin on “NewsOne Now” to discuss what you can do to avoid becoming the next victim of fraud and how to keep you, your identity and your money safe from would be thieves this holiday season.

One thing people can do to avoid being taken advantage of online is to be aware of phising schemes. These schemes present fake web sites that look like real web sites of retailers, banks and other financial institutions.

Owens told Martin people can protect themselves by looking at the URL and making sure that there is an “http” and an “s” in the address.

America’s wealth coach advises people to not “click on anything. Go to the actual website” of the online retailer you wish to purchase merchandise from.

“The reason why this is so important at this time of year is because our guards are down.” Owens added, when we’re on a mission “to get that perfect gift what you need to understand is that [you] don’t [want to] make yourself somebody else’s gift.”

Part of protecting yourself from potential thieves involves “being aware of your surroundings” and being conscious of what you are carrying on your person when you go out shopping.

Owens cautioned us to not take all of our credit cards with us when we go shopping. She said, “one credit card and some cash is probably what you want to do so in the event, if something does happen” everything is not stolen and you don’t have to try to create all that information again.

Corliss Group Online Financial Mag is a stock-market education website designed to teach beginners how to trade shares. Corliss Group Online Financial Mag does this in a manner easy to understand and uses only relevant and essential information required to trade shares on the stock market.

In 2013, 42% of middle-class Americans said that it was impossible
for them to pay their bills and still save for retirement, according to a Wells
Fargo study. But even if you can’t get anywhere near the annual 401(k)
contribution limit of $17,500, try to put aside as much money as you can, says
Ken Stanley, a NerdWallet advisor from Harper Stanley Financial Services.

“If you have the opportunity to contribute to a 401(k), especially
if your employer is matching the contribution, please don’t leave any money on
the table,” he says.

Jonathan DeYoe, NerdWallet advisor and principal at DeYoe Wealth
Management, adds that it’s important to re-evaluate spending at the end of the
year and see if you can afford to contribute more.

About 28% of shoppers say they prefer doing holiday shopping
online rather than in a store to avoid crowds, according to a 2013 study by
global information firm Accenture. If you’re planning to skip the long lines
this month, do your best to keep your online information safe.

Avoid looking at your online bank profile or making online
purchases on public Wi-Fi. If you have lots of weak or duplicate passwords, now
is a good time to change those. Monitor your credit card statements closely and
report fraudulent transactions as soon as possible.

3. Give to charity – the smart
way.

If you have some excess income at the end of the year and you want
to give back, donating before Dec. 31 can help you benefit from tax incentives.

When donating, make sure your money is going to a worthy cause.
Two-thirds of Americans don’t research the organizations they contribute to,
according to a 2011 study by Hope Consulting. Check the Better Business
Bureau’s Wise Giving Alliance to find out more about where your money is going.

4. Start thinking about taxes.

Don’t wait until April to start thinking about taxes. For new
parents or recently married couples, filing a W-4 before the holiday season
could mean less tax withheld from each paycheck. That could make a big
difference during the holidays, says Harry Krampf, a NerdWallet advisor and a
tax expert at TaxVigilante.net.

“It’s one of those things that people have direct control over,”
he says.

If you’ve seen some big changes this year, ask your employer about
filling out a W-4.

5. Accidents can happen at any
time – get covered.

If you don’t have health insurance through your employer, now’s
the time to enroll in coverage through the Affordable Care Act. Enroll by Dec.
15 for coverage that begins Jan. 1, 2015. If you choose to forgo health
insurance this year, remember that you’ll have to pay a penalty, and in 2015,
that will be more costly.

What’s important

Getting your financial life in order can be stressful, but once
you’re done, you’ll be able to focus on what really matters. That makes all the
budgeting, planning and investment worth it.

“It’s really about family coming together,” DeYoe says. “It’s
about thankfulness, gratitude and really appreciating what we have.”